Debt ResolutionTough financial times that have gripped America call for smarter choices both by our government and America as a whole. Federal debt has skyrocketed to astronomic levels once thought to be absurd or impossible. Yet the news today is covered with the looming U.S. national debt and ways to address (or default) on that debt. Likewise, total consumer debt continues to be the other 800 pound elephant that simply won't go away. What types of remedies are available that can bring about debt resolution? Fortunately, there are many such programs and services.
Before we begin with the ways and means of professional debt resolution, let us first discuss the ways which we as individuals can stop debt growth, hold it, and then reverse course; a nice downward spiral in terms of the amount of debt that is owed.
American consumers today are indeed consumed with consumerism now more than ever before. The latest tech gadgets, the latest luxuries, the latest entertainment, the latest fashions – these are all things which contribute to physical inactivity, growing waistlines, declining health, and debt that grows and grows. Yet the debt piper is one who casts a particularly nasty trance-like spell, and one who must be paid at some point in time, sooner or later. There’s no escaping the debt collector, hence the need for effective debt resolution today.
This debt resolution begins with forbearance and knowledge that sunny days do not always last forever. Ominous dark financial clouds can loom on the horizon before they slowly approach and inundate, or a financial storm or tsunami can quickly envelope a person seemingly out of nowhere. Yet consumerism is not the only cause of personal debt today. The U.S. economy has been on shaky ground for the past few years. We are far beyond a possible double dip. We are perhaps into a triple dip – unchartered territory. Anemic job growth means that many consumers still lack the means to make end meet, let alone worry about debt.
Responsible debt resolution means taking the time to enumerate on paper or spreadsheet exactly how much is owed and to which creditors. This is known as our baseline or starting point. It is from here that we shall begin taking appropriate steps to lower the money we owe, lower interest rates and fees if possible, and get out of debt sooner rather than later. Certain liberties can be taken and afforded along the way. Liberties such as a small dose of retail therapy perhaps, or a good Hollywood action thriller (or crier for that matter).
Yet when one is unable to reach that elusive goal of debt resolution on one’s own and the closure it brings, then it’s time to reach out for professional help from specialists in the debt field.